4Q19 Supplement 99 - Welltower · 2020-02-12 · (dollars in thousands at Welltower pro rata ownership) Seniors Housing Operating Total Portfolio Performance(1) 4Q18 1Q19 2Q19 3Q19

Overview 1

Portfolio 2

Investment 9

Financial 15

Glossary 20

Supplemental Reporting Measures 21

Forward Looking Statements and Risk Factors 25

Table of Contents

Overview

1

(dollars in thousands, at Welltower pro rata ownership)

Portfolio Composition Beds/Unit Mix

AverageAge Properties Total

IndependentLiving Assisted Living Memory Care

Long-Term/Post-Acute

Care

Seniors Housing Operating 16 612 73,058 35,267 26,051 11,200 540

Seniors Housing Triple-net 14 341 27,774 4,970 16,207 6,227 370

Outpatient Medical 14 392 23,608,411 (1) n/a n/a n/a n/a

Health System 31 218 26,212 201 723 3,051 22,237

Long-Term/Post-Acute Care 18 138 16,204 40 873 — 15,291

Total 16 1,701

NOI Performance Same Store(2) In-Place Portfolio(3)

Properties 4Q18 NOI 4Q19 NOI % Change PropertiesAnnualized In-Place NOI % of Total

Seniors Housing Operating 409 $ 191,170 $ 194,101 1.5% 561 $ 904,136 43.0%

Seniors Housing Triple-net(4) 293 88,530 91,091 2.9% 320 411,968 19.6%

Outpatient Medical 236 73,031 74,677 2.3% 370 464,820 22.1%

Health System 215 35,307 35,795 1.4% 215 143,168 6.8%

Long-Term/Post-Acute Care(4) 124 41,144 42,932 4.3% 135 179,780 8.5%

Total 1,277 $ 429,182 $ 438,596 2.2% 1,601 $ 2,103,872 100.0%

Portfolio Performance Facility Revenue Mix

Stable Portfolio(5) OccupancyEBITDAR

Coverage(6)EBITDARMCoverage(6) Private Pay Medicaid Medicare

OtherGovernment(7)

Seniors Housing Operating 87.2% n/a n/a 97.3% 0.8% 0.5% 1.4%

Seniors Housing Triple-net 86.1% 1.03 1.20 93.0% 3.1% 0.4% 3.5%

Outpatient Medical 93.9% n/a n/a 99.7% — — 0.3%

Health System(8) 83.3% 2.06 2.77 36.2% 43.1% 20.7% —

Long-Term/Post-Acute Care 83.1% 1.20 1.50 29.2% 43.3% 27.5% —

Total 1.30 1.62 92.7% 3.9% 2.1% 1.3%

Notes:(1) Indicates the total square footage of Outpatient Medical. (2) See pages 22 and 23 for reconciliation.(3) Excludes land parcels, loans, developments and investments held for sale. See page 22 for reconciliation.(4) Same store NOI for these property types represents cash rent excluding the impact of expansions.(5) Data as of December 31, 2019 for Seniors Housing Operating and Outpatient Medical and September 30, 2019 for remaining asset types.(6) Represents trailing twelve month coverage metrics.(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.(8) EBITDAR and EBITDARM coverage as reported by ProMedica inclusive of the three held for sale properties.

Portfolio

2

(dollars in thousands at Welltower pro rata ownership)

In-Place NOI Diversification(1)

By Partner:Total

Properties

SeniorsHousing

Operating

SeniorsHousing Triple-net

OutpatientMedical

HealthSystem


Care Total% ofTotal

Sunrise Senior Living North America 126 $ 253,762 $ — $ — $ — $ — $ 253,762 12.1%

Sunrise Senior Living United Kingdom 45 73,548 — — — — 73,548 3.5%

ProMedica 215 — — — 143,168 — 143,168 6.8%

Revera 94 109,270 — — — — 109,270 5.2%

Genesis HealthCare 76 — — — — 84,667 84,667 4.0%

Senior Resource Group 24 67,400 — — — — 67,400 3.2%

Avery Healthcare 54 5,626 61,223 — — — 66,849 3.2%

Sagora Senior Living 31 37,764 25,806 — — — 63,570 3.0%

Belmont Village 21 63,259 — — — — 63,259 3.0%

Brandywine Living 27 61,578 — — — — 61,578 2.9%

Brookdale Senior Living 84 — 58,254 — — — 58,254 2.8%

Brookdale Senior Living - Transitions(2) 3 3,132 — — — — 3,132 0.1%

Remaining 801 228,797 266,685 464,820 — 95,113 1,055,415 50.2%

Total 1,601 $ 904,136 $ 411,968 $ 464,820 $ 143,168 $ 179,780 $ 2,103,872 100.0%

By Country:United States 1,337 $ 658,846 $ 323,513 $ 444,484 $ 143,168 $ 173,173 $ 1,743,184 82.9%

United Kingdom 116 81,918 85,078 20,336 — — 187,332 8.9%

Canada 148 163,372 3,377 — — 6,607 173,356 8.2%

Total 1,601 904,136 411,968 464,820 143,168 179,780 2,103,872 100.0%

By MSA:New York 79 $ 90,134 $ 30,301 $ 30,936 $ 3,512 $ 11,860 $ 166,743 7.9%

Los Angeles 68 85,535 18,082 28,039 422 — 132,078 6.3%

Greater London 50 52,977 35,617 20,336 — — 108,930 5.2%

Dallas 57 26,410 19,019 32,343 740 3,891 82,403 3.9%

Philadelphia 50 17,204 1,343 22,624 12,134 23,006 76,311 3.6%

Washington D.C. 38 40,086 756 6,911 9,090 2,998 59,841 2.8%

Houston 29 15,328 4,469 29,826 — — 49,623 2.4%

San Francisco 20 34,146 9,677 — 4,268 — 48,091 2.3%

Chicago 37 19,672 9,453 2,765 9,538 — 41,428 2.0%

Toronto 25 39,336 — — — — 39,336 1.9%

San Diego 17 22,729 6,251 6,075 — 2,697 37,752 1.8%

Miami 35 5,606 — 22,341 5,078 — 33,025 1.6%

Minneapolis 20 1,765 14,892 15,618 — — 32,275 1.5%

Seattle 26 11,882 3,063 14,828 1,586 — 31,359 1.5%

Montréal 19 28,346 — — — — 28,346 1.3%

Boston 16 21,437 — 2,625 — 2,773 26,835 1.3%

Raleigh 12 7,115 17,408 854 — — 25,377 1.2%

Atlanta 23 4,211 — 19,326 1,759 — 25,296 1.2%

Denver 11 10,528 4,636 1,525 2,002 4,960 23,651 1.1%

Charlotte 22 — 8,546 14,529 — — 23,075 1.1%

Remaining 947 369,689 228,455 193,319 93,039 127,595 1,012,097 48.1%

Total 1,601 $ 904,136 $ 411,968 $ 464,820 $ 143,168 $ 179,780 $ 2,103,872 100.0%

Notes:(1) Represents current quarter annualized In-Place NOI. See page 22 for reconciliation.(2) Represents the three properties to be transitioned to other operators as announced in our June 27, 2018 press release.


Seniors Housing OperatingTotal Portfolio Performance(1) 4Q18 1Q19 2Q19 3Q19 4Q19

Properties 554 582 619 566 578

Units 66,002 69,209 74,145 68,918 70,144

Total occupancy 87.2% 86.2% 85.7% 86.0% 86.1%

Total revenues $ 834,356 $ 841,938 $ 880,320 $ 805,251 $ 804,403

Operating expenses 582,412 580,917 607,836 554,782 564,895

NOI $ 251,944 $ 261,021 $ 272,484 $ 250,469 $ 239,508

NOI margin 30.2% 31.0% 31.0% 31.1% 29.8%

Recurring cap-ex $ 22,569 $ 15,226 $ 20,275 $ 27,306 $ 38,756

Other cap-ex $ 49,813 $ 27,366 $ 30,320 $ 40,117 $ 55,536

Same Store Performance(2) 4Q18 1Q19 2Q19 3Q19 4Q19

Properties 409 409 409 409 409

Occupancy 87.9% 87.5% 87.1% 87.3% 87.6%

Same store revenues $ 600,350 $ 604,772 $ 607,565 $ 616,605 $ 618,400

Compensation 254,691 254,964 258,761 262,924 263,716

Utilities 22,579 24,137 20,023 22,205 22,592

Food 22,821 21,875 21,938 22,534 23,021

Repairs and maintenance 13,994 13,841 14,481 15,093 15,138

Property taxes 17,760 19,262 19,232 18,273 18,126

All other 77,335 77,094 78,947 77,159 81,706

Same store operating expenses 409,180 411,173 413,382 418,188 424,299

Same store NOI $ 191,170 $ 193,599 $ 194,183 $ 198,417 $ 194,101

Year over year growth rate 1.5%

Partners Properties(3) Units(3)Welltower

Ownership %(4) Core Markets 4Q19 NOI % of Total

Sunrise Senior Living 171 14,548 98.4% Southern California $ 31,440 13.1 %

Revera 94 11,823 75.0% New York / New Jersey 22,269 9.3 %

Senior Resource Group 24 4,656 66.3% Northern California 19,271 8.0 %

Belmont Village 21 2,952 95.0% Greater London 12,966 5.4 %

Brandywine Living 27 2,599 99.3% Washington D.C. 11,418 4.8 %

Chartwell Retirement Residences 39 7,726 51.9% Toronto 9,803 4.1 %

Sagora Senior Living 14 2,697 92.7% Boston 7,446 3.1 %

Cogir 18 3,269 88.5% Montréal 7,104 3.0 %

Senior Star Living 11 2,064 90.0% Seattle 6,460 2.7 %

Frontier Management 28 1,574 96.3% Ottawa 4,890 2.0 %

Clover Management 30 3,679 89.2% Vancouver 2,635 1.1 %

Pegasus Senior Living 35 3,812 98.0% Birmingham, UK 1,999 0.8 %

Oakmont Senior Living 8 623 85.3% Manchester, UK 1,873 0.8 %

Discovery Senior Living 12 3,065 55.9% Core Markets 139,574 58.2 %

Remaining 29 3,043 All Other 99,934 41.8 %

Total 561 68,130 Total $ 239,508 100.0 %

Notes:(1) Properties, units and occupancy exclude all land parcels and properties under development.(2) See pages 22 and 23 for reconciliation.(3) Represents In-Place Portfolio.(4) Welltower ownership percentage weighted based on In-Place NOI. See page 22 for reconciliation.

Portfolio

3


New Supply in Our US Seniors Housing Operating PortfolioWe have strategically acquired and developed properties in major US metro markets that benefit from population growth anddensity, affluence, job growth, and higher barriers to entry. New supply in a 3-mile ring around our properties potentially impactsjust 3.7% of our total annualized In-Place NOI (IPNOI).

3-Mile Ring(1)

Welltower Welltower

MSA Prop. / UnitsAnnualized

IPNOI(2)

% of USSHO

Portfolio

Prop. / UnitsUnder

Construction(3)

Prop. / UnitsPotentiallyImpacted

IPNOIPotentiallyImpacted(4)

5 YearTotalPop.

Growth(5)

5 Year75+Pop.

Growth(5)Avg. Pop.Density(6)

HouseholdIncome(7)

HousingValue(7)

Est. NetAnnual

InventoryGrowth(8)

Est.Annual

JobGrowth(9)

New York 30 / 2,598 $ 90,134 13.7% 6 / 653 6 / 480 $ 13,626 0.4% 5.9% 4,096 $ 115,527 $ 544,686 4.2 % 1.0 %

Los Angeles 31 / 3,676 85,535 13.0% 6 / 867 6 / 652 10,834 2.6% 12.4% 6,868 98,398 961,970 2.2 % 1.5 %

Washington D.C. 12 / 1,358 40,086 6.1% 4 / 457 4 / 342 6,983 3.7% 13.9% 5,554 132,150 717,057 3.4 % 1.6 %

San Francisco 13 / 1,623 34,146 5.2% — — — 4.0% 13.0% 9,068 130,962 1,150,229 (0.7)% 2.4 %

Dallas 15 / 2,180 26,410 4.0% 1 / 83 1 / 52 54 7.4% 28.8% 3,366 87,897 328,031 4.0 % 3.2 %

San Diego 7 / 922 22,729 3.4% — — — 3.1% 17.0% 4,596 108,247 883,745 0.0 % 2.3 %

Boston 11 / 751 21,437 3.3% — — — 3.3% 8.4% 2,613 133,887 747,660 3.4 % 1.4 %

Chicago 16 / 1,724 19,672 3.0% 2 / 188 3 / 257 1,685 -0.1% 10.3% 3,416 91,777 338,681 1.6 % 0.6 %

Philadelphia 11 / 885 17,204 2.6% 4 / 671 2 / 146 3,237 0.9% 5.0% 2,143 109,780 368,024 2.4 % 1.0 %

Houston 9 / 878 15,328 2.3% 3 / 539 3 / 317 3,285 7.3% 27.4% 3,637 84,122 412,627 3.9 % 2.7 %

Sacramento 7 / 598 14,754 2.2% 4 / 664 4 / 381 7,060 4.1% 14.4% 3,697 86,880 493,179 8.1 % 1.6 %

San Antonio 4 / 1,075 11,956 1.8% 2 / 367 2 / 512 2,320 8.8% 30.5% 2,370 75,155 263,010 2.2 % 3.2 %

Boulder, CO 6 / 518 11,949 1.8% — — — 6.0% 31.4% 2,029 103,497 678,582 N/A 2.2 %

Seattle 12 / 1,292 11,882 1.8% 3 / 305 3 / 339 2,394 6.5% 21.7% 5,093 95,498 581,211 1.8 % 2.9 %

San Jose 4 / 480 11,384 1.7% — — — 3.9% 13.0% 6,841 141,812 1,493,978 (1.9)% 2.8 %

Denver 4 / 661 10,528 1.6% 3 / 458 1 / 163 312 7.0% 25.3% 5,056 85,940 587,061 0.8 % 2.4 %

Phoenix 7 / 767 8,929 1.4% 2 / 212 2 / 191 1,919 6.7% 13.6% 3,659 74,812 360,104 3.2 % 2.6 %

Cincinnati 4 / 662 8,412 1.3% — — — 1.2% 9.4% 1,981 71,194 192,119 (0.1)% 1.8 %

Buffalo 10 / 1,254 7,851 1.2% — — — 0.4% 3.5% 2,799 70,551 183,220 6.2 % 0.7 %

Pittsburgh 4 / 434 7,633 1.2% 2 / 298 1 / 101 2,876 0.2% 6.6% 1,899 90,209 239,590 2.9 % (0.4)%

Trenton, NJ 2 / 207 7,408 1.1% — — — 2.2% 9.9% 819 137,888 495,307 N/A 1.3 %

Columbus 4 / 463 7,319 1.1% 2 / 229 1 / 199 750 5.7% 29.5% 2,280 97,976 332,078 4.0 % (0.4)%

Raleigh 2 / 250 7,115 1.1% 2 / 471 2 / 250 6,659 6.5% 26.1% 3,148 90,852 308,868 (1.1)% 3.8 %

Santa Rosa, CA 4 / 511 6,932 1.1% — — — 2.1% 8.1% 2,060 87,571 758,680 N/A 1.8 %

Austin 5 / 427 6,618 1.0% — — — 8.8% 43.0% 2,338 129,948 669,430 9.7 % 2.7 %

Total - Top 25 234 / 26,194 $ 513,351 77.9% 46 / 6,462 41 / 4,382 $ 63,994 3.4% 14.8% 4,316 $ 106,470 $ 658,154 2.7 % 1.7 %

All Other US SHOMarkets 132 / 16,505 145,495 22.1% 19 / 2,658 18 / 1,892 13,164 3.6% 11.9% 2,385 76,946 356,806

Total US SHO 366 / 42,699 $ 658,846 100.0% 65 / 9,120 59 / 6,274 $ 77,158 3.5% 13.8% 3,627 $ 99,321 $ 585,183

% of Total IPNOI 3.7%

US National Average 3.3% 11.7% 94 $ 66,010 $ 245,219 2.5 % (10) 1.4 %

Notes:(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriatefor most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In theinterest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.(2) Represents annualized IPNOI. See pages 2 and 22 for a reconciliation.(3) Construction data provided by NIC, reflects competitive seniors housing properties within 3 miles of Welltower SHO properties for US markets.(4) Reflects annualized IPNOI for Welltower SHO properties within 3 miles of new construction for the component of our project that potentially competes with the project under construction.(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2020-2025.(6) Average population density data represents average population per square mile within a 3-mile ring based on 2020 Claritas estimates.(7) Household income and household value data are medians weighted by IPNOI.(8) NIC MAP Data and Analysis Service, 4Q19. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflectour urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.(9) Annual job growth data represents MSA level growth from November 2018-November 2019 per Bureau of Labor Statistics. Total - Top 25 Estimated Annual Job Growth weighted by IPNOI(10) Reflects net inventory growth for NIC Top 99 Markets.

Portfolio

4


New Supply in Our US Seniors Housing Operating PortfolioWe have strategically acquired and developed properties in major US metro markets that benefit from population growth anddensity, affluence, job growth, and higher barriers to entry. New supply in a 5-mile ring around our properties potentially impactsjust 7.0% of our total annualized In-Place NOI (IPNOI).

5-Mile Ring(1)

Welltower Welltower

MSA Prop. / UnitsAnnualized

IPNOI(2)

% of USSHO

Portfolio

Prop. / UnitsUnder

Construction(3)

Prop. / UnitsPotentiallyImpacted

IPNOIPotentiallyImpacted(4)

5 YearTotalPop.

Growth(5)

5 Year75+Pop.

Growth(5)Avg. Pop.Density(6)

HouseholdIncome(7)

HousingValue(7)

Est. NetAnnual

InventoryGrowth(8)

Est.Annual

JobGrowth(9)

New York 30 / 2,598 $ 90,134 13.7% 12 / 1,578 15 / 1,254 $ 28,272 0.6% 5.8% 4,022 $ 110,413 $ 511,493 4.2 % 1.0 %

Los Angeles 31 / 3,676 85,535 13.0% 9 / 1,243 16 / 1,877 24,093 2.6% 13.0% 6,666 91,780 887,302 2.2 % 1.5 %

Washington D.C. 12 / 1,358 40,086 6.1% 8 / 959 9 / 1,073 13,460 4.1% 14.6% 5,489 125,255 687,399 3.4 % 1.6 %

San Francisco 13 / 1,623 34,146 5.2% — — — 4.0% 13.2% 7,723 128,824 1,122,144 (0.7)% 2.4 %

Dallas 15 / 2,180 26,410 4.0% 5 / 1,075 4 / 392 3,709 7.3% 27.8% 3,209 80,263 313,731 4.0 % 3.2 %

San Diego 7 / 922 22,729 3.4% 1 / 200 2 / 249 3,654 3.5% 16.0% 4,480 104,821 796,347 0.0 % 2.3 %

Boston 11 / 751 21,437 3.3% 3 / 365 3 / 261 2,892 3.3% 8.4% 2,551 121,587 671,870 3.4 % 1.4 %

Chicago 16 / 1,724 19,672 3.0% 7 / 1,074 7 / 701 6,296 -0.2% 11.0% 3,283 95,415 348,612 1.6 % 0.6 %

Philadelphia 11 / 885 17,204 2.6% 7 / 943 4 / 316 6,536 1.0% 5.4% 2,330 99,971 334,617 2.4 % 1.0 %

Houston 9 / 878 15,328 2.3% 4 / 719 4 / 614 7,060 7.5% 30.5% 3,689 80,907 315,465 3.9 % 2.7 %

Sacramento 7 / 598 14,754 2.2% 7 / 946 6 / 532 8,693 4.0% 15.0% 3,464 83,737 468,588 8.1 % 1.6 %

San Antonio 4 / 1,075 11,956 1.8% 2 / 367 2 / 512 2,320 8.6% 29.4% 2,254 70,551 245,989 2.2 % 3.2 %

Boulder, CO 6 / 518 11,949 1.8% — — — 6.4% 28.7% 1,406 110,296 666,694 N/A 2.2 %

Seattle 12 / 1,292 11,882 1.8% 3 / 305 3 / 339 2,394 6.5% 23.4% 4,565 97,711 588,639 1.8 % 2.9 %

San Jose 4 / 480 11,384 1.7% — — — 3.9% 13.1% 5,832 138,526 1,480,463 (1.9)% 2.8 %

Denver 4 / 661 10,528 1.6% 5 / 708 2 / 252 347 6.7% 25.0% 4,589 85,066 485,453 0.8 % 2.4 %

Phoenix 7 / 767 8,929 1.4% 7 / 912 4 / 500 4,498 7.1% 15.1% 3,463 73,589 331,491 3.2 % 2.6 %

Cincinnati 4 / 662 8,412 1.3% — — — 1.3% 10.4% 1,662 69,575 191,981 (0.1)% 1.8 %

Buffalo 10 / 1,254 7,851 1.2% — — — 0.2% 3.5% 2,522 67,042 174,118 6.2 % 0.7 %

Pittsburgh 4 / 434 7,633 1.2% 3 / 426 2 / 236 3,814 0.6% 5.7% 1,730 84,286 222,530 2.9 % (0.4)%

Trenton, NJ 2 / 207 7,408 1.1% — — — 1.4% 9.8% 1,079 125,586 453,041 N/A 1.3 %

Columbus 4 / 463 7,319 1.1% 2 / 229 1 / 199 750 5.5% 27.2% 2,104 88,079 305,948 4.0 % (0.4)%

Raleigh 2 / 250 7,115 1.1% 2 / 471 2 / 250 7,050 7.6% 32.7% 2,640 98,414 363,283 (1.1)% 3.8 %

Santa Rosa, CA 4 / 511 6,932 1.1% — — — 2.3% 9.2% 1,144 89,757 762,152 N/A 1.8 %

Austin 5 / 427 6,618 1.0% 2 / 118 2 / 170 731 8.6% 40.9% 2,371 104,466 570,204 9.7 % 2.7 %

Total - Top 25 234 / 26,194 $ 513,351 77.9% 89 / 12,638 88 / 9,727 $ 126,569 3.5% 15.0% 4,067 $ 101,661 $ 618,382 2.7 % 1.7 %

All Other US SHOMarkets 132 / 16,505 145,495 22.1% 31 / 4,309 32 / 4,465 21,539 3.5% 12.2% 2,061 73,196 345,791

Total US SHO 366 / 42,699 $ 658,846 100.0% 120 / 16,947 120 / 14,192 $ 148,108 3.5% 14.0% 3,351 $ 94,768 $ 552,374

% of Total IPNOI 7.0%

US National Average 3.3% 11.7% 94 $ 66,010 $ 245,219 2.5 % (10) 1.4 %

Notes:(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriatefor most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In theinterest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.(2) Represents annualized IPNOI. See pages 2 and 22 for a reconciliation.(3) Construction data provided by NIC, reflects competitive seniors housing properties within 5 miles of Welltower SHO properties for US markets.(4) Reflects annualized IPNOI for Welltower SHO properties within 5 miles of new construction for the component of our project that potentially competes with the project under construction.(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2020-2025.(6) Average population density data represents average population per square mile within a 5-mile ring based on 2020 Claritas estimates.(7) Household income and household value data are medians weighted by IPNOI.(8) NIC MAP Data and Analysis Service, 4Q19. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflectour urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.(9) Annual job growth data represents MSA level growth from November 2018-November 2019 per Bureau of Labor Statistics. Total -Top 25 Estimated Annual Job Growth weighted by IPNOI.(10) Reflects net inventory growth for NIC Top 99 Markets.

Portfolio

5

(Currency amounts in thousands, except per unit and REVPOR. Company amounts at Welltower pro rata ownership. DNA = data not available.)

Seniors Housing Operating Quality IndicatorsUS Portfolio(1,3,4) Industry Benchmarks(2)

Property age 15 20

5 year total population growth 3.5% 3.3%

5 year 75+ population growth 13.8% 11.7%

Housing value $ 585,183 $ 245,219

Household income $ 99,321 $ 66,010

REVPOR $ 6,272 $ 4,997

SS REVPOR growth 3.4% 2.5%

SSNOI per unit $ 23,657 $ 18,307

SSNOI growth 1.0% DNA

UK Portfolio(1,3,4) Industry Benchmarks(5)

Property age 10 21

Units per property 96 41



Housing value £ 396,020 £ 229,352

REVPOR £ 6,592 £ 3,720


SSNOI per unit £ 16,694 £ 9,544


Canadian Portfolio(1,3,4) Industry Benchmarks(6)



Housing value C$ 571,142 C$ 456,053

Household income C$ 112,369 C$ 102,231

REVPOR C$ 3,664 C$ 2,469


SSNOI per unit C$ 14,830 DNA


Notes:(1) Property age, housing value and household income are NOI weighted as of December 31, 2019. The median housing value and household income is used for the US, and theaverage housing value and household income is used for the UK and Canada. Housing value, household income and population growth are based on a 3-mile radius. Growth figuresrepresent performance of Welltower's same store portfolio for current quarter. See page 24 for reconciliations.(2) Property age, REVPOR and REVPOR growth per 4Q19 NIC MAP for Majority AL Properties in the primary and secondary markets; AMR is used as a proxy for REVPOR; populationgrowth reflects 2020-2025 Claritas projections; housing value and household income are the US median per Claritas 2020; NOI per unit per The State of Seniors Housing 2019and represents 2018 results.(3) REVPOR is based on total 4Q19 results. See page 24 for reconciliation.(4) SSNOI per unit represents the SSNOI per unit available based on trailing four quarters for those properties in the portfolio for 15 months preceding the end of the currentportfolio performance period. SSNOI per unit for UK portfolio in GBP calculated by taking SSNOI per unit in USD divided by a standardized GBP/USD rate of 1.31. SSNOI per unitfor Canadian portfolio in CAD calculated by taking SSNOI per unit in USD divided by a standardized USD/CAD rate of 1.32. See page 24 for reconciliation.(5) Property age, units per property, REVPOR, REVPOR growth and NOI per Unit derived from LaingBuisson, Care of Older People UK Market Report 29th Edition; population growthreflects 2018-2023 Experian projections; housing value represents UK average per Experian 2018.(6) Population growth reflects 2019-2024 Environics projection; housing value and household income represents Canadian average per Environics WealthScapes 2019; REVPORand REVPOR growth are calculated weighted averages from 2019 CMHC Seniors Housing reports from each province.

Portfolio

6


Payment Coverage StratificationEBITDARM Coverage(1) EBITDAR Coverage(1)

% of In-Place NOI

SeniorsHousingTriple-net

Long-Term/Post- Acute

Care Total

WeightedAverageMaturity

Number ofLeases


Long-Term/Post- Acute

Care Total

WeightedAverageMaturity

Number ofLeases

<0.85x 0.4% 0.1% 0.5% 6 5 3.0% 1.1% 4.1% 6 12

0.85x - 0.95x 1.7% —% 1.7% 6 2 2.0% —% 2.0% 11 3

0.95x - 1.05x 0.9% 0.5% 1.4% 8 4 1.5% —% 1.5% 16 6

1.05x - 1.15x 3.2% 0.4% 3.6% 11 8 5.8% 1.9% 7.7% 10 6

1.15x - 1.25x 1.9% —% 1.9% 12 3 1.6% 3.7% 5.3% 13 3

1.25x - 1.35x 4.5% 1.0% 5.5% 8 5 4.1% —% 4.1% 12 2

>1.35x 5.4% 5.7% 11.1% 13 8 —% 1.0% 1.0% 8 3

Total 18.0% 7.7% 25.7% 11 35 18.0% 7.7% 25.7% 11 35

Portfolio

7

Revenue and Lease Maturity(2)

Rental Income

Year


OutpatientMedical

Health System

Long-Term /Post-Acute

CareInterest Income

Total Rentaland Interest

Income% ofTotal

2020 $ — $ 41,593 $ — $ — $ 9,148 $ 50,741 3.8%

2021 3,543 54,198 — 8,749 19,419 85,909 6.4%

2022 3,195 54,786 — 5,695 20,305 83,981 6.2%

2023 — 55,185 — 840 579 56,604 4.2%

2024 11,262 62,618 — — 1,154 75,034 5.5%

2025 51,069 33,102 — — 214 84,385 6.2%

2026 86,353 41,324 — 16,826 — 144,503 10.7%

2027 31,249 23,669 — 1,041 221 56,180 4.2%

2028 6,849 26,030 — 19,571 177 52,627 3.9%

2029 33,619 28,212 — — 213 62,044 4.6%

Thereafter 187,198 139,376 144,524 127,247 2,254 600,599 44.4%

$ 414,337 $ 560,093 $ 144,524 $ 179,969 $ 53,684 $ 1,352,607 100.0%

Weighted avg. maturity years 10 7 13 12 3 9

Notes:(1) Represents trailing twelve month coverage metrics as of September 30, 2019 for stable portfolio only. Agreements included represent 91% of total Seniors Housing Triple-netand Long-Term/Post-Acute Care In-Place NOI. See page 22 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.(2) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts arederived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, theamortization of above/below market lease intangibles, or other non cash income. Interest income represents contractual rate of interest for loans, net of collectability reserves ifapplicable.


Outpatient MedicalTotal Portfolio Performance(1) 4Q18 1Q19 2Q19 3Q19 4Q19

Properties 274 283 340 348 378

Square feet 17,292,516 17,649,227 21,098,926 21,472,874 23,044,140

Occupancy 93.1% 92.9% 93.3% 93.6% 94.0%

Total revenues $ 134,844 $ 139,735 $ 154,443 $ 175,000 $ 180,101

Operating expenses 40,136 44,868 47,894 57,272 55,915

NOI $ 94,708 $ 94,867 $ 106,549 $ 117,728 $ 124,186

NOI margin 70.2% 67.9% 69.0% 67.3% 69.0%

Revenues per square foot $ 32.73 $ 33.20 $ 30.45 $ 33.90 $ 32.49

NOI per square foot $ 22.99 $ 22.54 $ 21.01 $ 22.80 $ 22.41

Recurring cap-ex $ 9,095 $ 6,400 $ 8,528 $ 7,296 $ 7,794

Other cap-ex $ 4,852 $ 2,860 $ 2,374 $ 5,989 $ 8,618

Same Store Performance(2) 4Q18 1Q19 2Q19 3Q19 4Q19

Properties 236 236 236 236 236

Occupancy 93.4% 93.4% 93.4% 93.8% 94.0%

Same store revenues $ 104,215 $ 105,860 $ 106,198 $ 109,010 $ 108,476

Same store operating expenses 31,184 32,807 32,284 35,350 33,799

Same store NOI $ 73,031 $ 73,053 $ 73,914 $ 73,660 $ 74,677

Year over year growth rate 2.3%

Portfolio Diversification by Tenant(3) Rental Income % of Total Quality Indicators

Kelsey-Seybold $ 22,430 4.0% Health system affiliated properties as % of NOI(3) 93.5%

NMC Health 20,944 3.7% Health system affiliated tenants as % of rental income(3) 68.3%

CommonSpirit Health 18,534 3.3% Retention (trailing twelve months)(3) 82.2%

Virtua 16,298 2.9% In-house managed properties as % of square feet(3,4) 80.3%

Novant Health 14,908 2.7% Average remaining lease term (years)(3) 6.7

Remaining portfolio 466,979 83.4% Average building size (square feet)(3) 61,040

Total $ 560,093 100.0% Average age (years) 14

Expirations(3) 2020 2021 2022 2023 2024 Thereafter

Occupied square feet 1,630,888 2,054,463 2,165,074 2,162,280 2,263,819 11,220,640

% of occupied square feet 7.6% 9.6% 10.1% 10.1% 10.5% 52.1%

Notes:(1) Property count, occupancy, square feet and per square foot metrics exclude properties under development and all land parcels. Per square foot amounts are annualized.(2) Includes 236 same store properties representing 15,224,636 square feet. See pages 22 and 23 for reconciliation.(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts arederived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, theamortization of above/below market lease intangibles, or other non cash income. (4) Excludes tenant managed properties.

Portfolio

8

Investment

9


Relationship Investment History

Existing relationships New relationships

$5,000,000

$4,000,000

$3,000,000

$2,000,000

$1,000,000

$0

2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19

Detail of Acquisitions/JVs(1)

2015 2016 2017 2018 1Q19 2Q19 3Q19 4Q19 15-19 Total

Count 44 22 18 15 5 8 7 7 126

Total $ 3,765,912 $ 2,287,973 $ 742,020 $ 3,788,261 $ 258,771 $ 2,402,549 $ 294,193 $ 1,118,041 $ 14,657,720

Low 6,080 10,618 7,310 4,950 8,300 22,800 7,550 18,000 4,950

Median 33,513 27,402 24,025 73,727 56,812 214,371 30,638 38,800 35,385

High 437,472 1,150,000 149,400 2,481,723 79,544 1,250,000 140,000 786,835 2,481,723

Investment TimingAcquisitions/Joint

Ventures(2) Yield Loan Advances(3) YieldConstructionConversions Yield Dispositions Yield

October $ 81,609 3.8% $ — —% $ 23,063 9.8% $ 31,137 6.7%

November 79,723 6.4% 5,000 1.6% 112,812 7.7% 8,500 10.5%

December 956,709 5.4% 5,800 6.0% 73,629 5.6% — —%

Total $ 1,118,041 5.3% $ 10,800 4.0% $ 209,504 7.2% $ 39,637 7.6%

Notes:(1) Includes non-yielding asset acquisitions. (2) Excludes land acquisitions. (3) Includes advances for non-real estate loans and excludes advances for development loans.

(dollars in thousands at Welltower pro rata ownership, except per bed/unit/square foot)

Gross Investment ActivityFourth Quarter 2019

Properties Beds/Units/Square FeetPro RataAmount

Investment PerBed/Unit /SqFt Yield

Acquisitions/Joint Ventures(1)

Seniors Housing Operating 9 767 units $ 233,483 532,851 5.0%

Seniors Housing Triple-net 4 319 units 79,723 268,471 6.4%

Outpatient Medical 30 1,533,152 sf 804,835 525 5.3%

Total acquisitions 43 1,118,041 5.3%

Development(2)

Development projects:

Seniors Housing Operating 31 3,451 units 216,933

Seniors Housing Triple-net 9 855 units 29,768

Outpatient Medical 8 742,271 sf 52,952

Total development projects 48 299,653

Expansion projects:

Seniors Housing Operating 3 114 units 8,654

Total development 51 308,307 7.9%

Loan advances(3) 10,800 4.0%

Total gross investments 1,437,148 5.8%

Dispositions(4)

Seniors Housing Operating 4 334 units 31,137 124,298 6.7%

Outpatient Medical 1 45,000 sf 8,500 189 10.5%

Real property dispositions 5 39,637 7.6%

Loan payoffs 115,971 7.8%

Total dispositions 5 155,608 7.7%

Net investments $ 1,281,540

Notes:(1) Amounts represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions. Yield representsannualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels.(2) Amounts represent cash funded and capitalized interest for all developments/expansions including construction in progress, loans and in-substance real estate. Yield representsprojected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.(3) Amounts represent cash funded to operators for real estate and non-real estate loans, excluding development loans. Yield represents annualized contractual interest dividedby investment amount.(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales. Yield represents annualized cash rent/interest/NOI that was beinggenerated pre-disposition divided by proceeds.

Investment

10

(dollars in thousands at Welltower pro rata ownership, except per bed/unit/square foot)

Gross Investment ActivityYear-To-Date 2019

Properties Beds/Units/Square FeetPro RataAmount

Investment PerBed/Unit/SqFt Yield

Acquisitions/Joint Ventures(1)

Seniors Housing Operating 62 7,106 units $ 1,459,254 245,735 5.1%

Seniors Housing Triple-net 10 859 units 217,658 263,834 6.5%

Outpatient Medical 105 5,774,484 sf 2,396,642 416 5.6%

Total acquisitions 177 4,073,554 5.4%

Development(2)

Development projects:

Seniors Housing Operating 34 4,040 units 396,942

Seniors Housing Triple-net 10 1,008 units 101,077

Outpatient Medical 8 742,271 sf 154,628

Total development projects 52 652,647

Expansion projects:

Seniors Housing Operating 3 114 units 28,963

Total development 55 681,610 7.8%

Loan advances(3) 38,460 6.9%

Total gross investments 4,793,624 5.8%

Dispositions(4)

Seniors Housing Operating 55 4,619 units 1,803,413 413,232 5.4%

Seniors Housing Triple-net 9 1,344 units 344,340 256,205 5.1%

Outpatient Medical 1 45,000 sf 8,500 189 10.5%

Long-Term/Post-Acute Care 48 5,841 beds 558,391 95,599 9.6%

Real property dispositions 113 2,714,644 6.3%

Loan payoffs 192,399 8.7%

Total dispositions 113 2,907,043 6.5%

Net investments $ 1,886,581

Notes:(1) Amounts represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions. Yield representsannualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels.(2) Amounts represent cash funded and capitalized interest for all developments/expansions including construction in progress, loans and in-substance real estate. Yield representsprojected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.(3) Amounts represent cash funded to operators for real estate and non-real estate loans, excluding development loans. Yield represents annualized contractual interest dividedby investment amount.(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales. Yield represents annualized cash rent/interest/NOI that was beinggenerated pre-disposition divided by proceeds.

Investment

11

Property Acquisitions/Joint Ventures DetailOperator Units Location MSA

Seniors Housing OperatingFrontier Management 116 10250 W Smoke Ranch Drive Boise Idaho US Boise

Frontier Management 81 3791 Crowell Road Turlock California US Modesto

Sunrise Senior Living 92 1450 Post Street San Francisco California US San Francisco

Oakmont Senior Living 71 4717 Engle Road Carmichael California US Sacramento

Oakmont Senior Living 79 5605 North Gates Avenue Fresno California US Fresno

Oakmont Senior Living 98 630 The City Drive South Orange California US Los Angeles

Oakmont Senior Living 86 2150 Bechelli Lane Redding California US Redding

Oakmont Senior Living 64 955 Grand Ave San Diego California US San Diego

Oakmont Senior Living 80 2020 Town Center West Way El Dorado Hills California US Sacramento

Total 767

Seniors Housing Triple-NetEncore Care Homes 80 Poole Lane Bournemouth United Kingdom UK Bournemouth

Encore Care Homes 84 Kingsmill Road Poole United Kingdom UK Poole

Legend Senior Living 95 3605 NW 83rd Street Gainesville Florida US Gainesville

Legend Senior Living 60 2800 SW 131st Street Oklahoma City Oklahoma US Oklahoma City

Total 319

Outpatient Medical

Health SystemSquare

Feet Location MSA

University of Arkansas forMedical Sciences 67,144 6119 Midtown Avenue Little Rock Arkansas US Little Rock

Hammes Properties (1) 1,466,008

Total 1,533,152

(1) Please refer to the 4Q19 Welltower Facility Address List in the Investors section of our website for further details.

Investment

12


Development Summary(1)

Unit Mix

FacilityProperty

Type TotalIndependent

LivingAssisted

LivingMemory

CareCommitment

AmountBalance at12/31/19

EstimatedConversion

Wandsworth, UK SHO 97 — 77 20 $ 58,666 $ 52,408 1Q20

Union, KY NNN 162 162 — — 34,600 25,649 1Q20

Westerville, OH NNN 102 — 82 20 22,800 19,922 1Q20

Taylor, PA SHO 113 113 — — 13,209 11,481 1Q20

Shrewsbury, NJ SHO 81 — 52 29 11,696 10,287 1Q20

Beavercreek, OH SHO 100 100 — — 11,136 10,700 1Q20

New York, NY SHO 151 — 69 82 89,054 85,424 2Q20

Apex, NC NNN 152 98 30 24 30,883 16,494 2Q20

Edenbridge, UK NNN 85 — 51 34 19,876 13,966 2Q20

Droitwich, UK NNN 70 — 45 25 16,805 11,730 2Q20

Newton, MA SHO 85 — 43 42 15,169 3,844 3Q20

Potomac, MD SHO 120 — 90 30 55,302 22,566 4Q20

Thousand Oaks, CA NNN 82 — — 82 24,763 9,971 4Q20

Medina, OH SHO 166 166 — — 20,520 10,712 4Q20

Collierville, TN SHO 164 164 — — 18,949 9,858 4Q20

Redhill, UK NNN 76 — 46 30 21,098 6,287 1Q21

Staten Island, NY SHO 95 — 45 50 19,444 5,357 1Q21

Franklin Lakes, NY SHO 88 — 51 37 16,921 2,962 1Q21

Fairfax, VA SHO 84 — 51 33 16,658 3,328 1Q21

Redwood City, CA SHO 90 — 56 34 16,065 2,351 1Q21

Mountain Lakes, NJ SHO 90 — 57 33 15,266 2,576 1Q21

Leicester, UK NNN 60 — 36 24 14,861 3,505 1Q21

Scarborough, ON SHO 172 141 — 31 33,871 8,884 2Q21

Wombourne, UK NNN 66 — 41 25 15,923 3,515 2Q21

Boynton Beach, FL SHO 82 — 52 30 11,465 5,966 2Q21

Bellevue, WA SHO 110 — 110 — 9,518 2,730 2Q21

White Plains, NY SHO 132 132 — — 59,913 8,898 3Q21

Beckenham, UK SHO 100 — 76 24 46,873 20,567 3Q21

Orange, CA SHO 91 — 49 42 18,564 2,963 3Q21

Livingston, NJ SHO 103 — 77 26 17,375 2,043 3Q21

Hendon, UK SHO 102 — 78 24 55,531 25,274 4Q21

Barnet, UK SHO 100 — 76 24 51,252 21,374 4Q21

Coral Gables, FL SHO 91 — 55 36 18,224 3,380 4Q21

San Francisco, CA SHO 214 11 170 33 110,905 68,147 1Q22

Alexandria, VA SHO 93 — 66 27 20,624 8,396 1Q22

Subtotal 3,769 1,087 1,731 951 $ 1,033,779 $ 523,515

RentableSquare Ft

Preleased%

HealthSystem

AffiliationCommitment

AmountBalance at12/31/19

EstimatedConversion

Porter, TX OM 55,000 100% Yes $ 20,800 $ 16,124 1Q20

Lowell, MA OM 50,668 100% Yes 11,900 10,288 1Q20

Charlotte, NC OM 176,640 100% Yes 95,703 57,666 2Q20

Katy, TX OM 36,500 100% Yes 12,028 3,251 2Q20

Brooklyn, NY OM 140,955 100% Yes 105,306 80,799 3Q20

Charlotte, NC OM 104,508 100% Yes 52,255 20,558 3Q20

Subtotal 564,271 $ 297,992 $ 188,686

Total Development Projects $ 1,331,771 $ 712,201

Note:(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes redevelopments and expansion projects. Commitmentamount represents current balances plus unfunded commitments to complete development.

Investment

13


Development Funding Projections(1)

Projected Future Funding

Projects

Beds /Units /

Square FeetProjectedYields(2)

2020Funding

FundingThereafter

TotalUnfunded

Commitments

CommittedBalances

Seniors Housing Operating 26 2,914 8.4% $ 277,290 $ 142,404 $ 419,694 $ 832,170

Seniors Housing Triple-net 9 855 5.7% 81,179 9,391 90,570 201,609

Outpatient Medical 6 564,271 6.5% 109,306 — 109,306 297,992

Total 41 7.7% $ 467,775 $ 151,795 $ 619,570 $ 1,331,771

Investment

14

Development Project Conversion Estimates(1)

Quarterly Conversions Annual Conversions

AmountProjected Yields(2) Amount

Projected Yields(2)

1Q19 actual $ 34,389 7.6% 2019 actual $ 302,589 7.2 %

2Q19 actual 36,240 7.8% 2020 estimate 741,420 7.5 %



1Q20 estimate 184,807 8.5% Total $ 1,634,360 7.7 %

2Q20 estimate 264,349 6.5%

3Q20 estimate 172,730 7.2%

4Q20 estimate 119,534 8.8%

1Q21 estimate 120,313 8.6%

2Q21 estimate 70,777 8.0%

3Q21 estimate 142,725 8.4%

4Q21 estimate 125,007 9.0%

1Q22 estimate 131,529 6.8%

Total $ 1,634,360 7.7%

Unstabilized Properties9/30/2019Properties Stabilizations

ConstructionConversions(3)

Acquisitions/Dispositions

12/31/2019Properties Beds / Units

Seniors Housing Operating 27 (4) 5 1 29 3,689

Seniors Housing Triple-net 9 — — 1 10 994

Long-Term/Post-Acute Care 2 (1) — — 1 120

Total 38 (5) 5 2 40 4,803

Occupancy9/30/2019Properties Stabilizations

ConstructionConversions(3)

Acquisitions/Dispositions Progressions

12/31/2019Properties

0% - 50% 12 — 5 1 (5) 13

50% - 70% 14 (2) — — (1) 11

70% + 12 (3) — 1 6 16

Total 38 (5) 5 2 — 40

Occupancy12/31/2019

PropertiesMonths InOperation Revenues

% of TotalRevenues(4)

GrossInvestment

Balance% of Total Gross

Investment

0% - 50% 13 5 $ 25,064 0.5% $ 343,694 1.0%

50% - 70% 11 19 48,387 1.0% 461,344 1.3%

70% + 16 19 72,690 1.5% 481,818 1.3%

Total 40 15 $ 146,141 3.0% $ 1,286,856 3.6%

Notes:(1) Includes development projects (construction in progress, development loans, and in-substance real estate) and excludes expansion projects.(2) Actual yields may vary.(3) Includes expansion and development loan conversions.(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 16.

Financial

15


Components of NAVStabilized NOI Pro rata beds/units/square feet

Seniors Housing Operating(1) $ 904,136 55,792 units

Seniors Housing Triple-net 411,968 24,029 units

Outpatient Medical 464,820 19,416,665 square feet

Health System 143,168 20,602 units/beds

Long-Term/Post-Acute Care 179,780 13,596 bedsTotal In-Place NOI(2) 2,103,872

Incremental stabilized NOI(3) 52,632

Total stabilized NOI $ 2,156,504

ObligationsLines of credit and commercial paper(4) $ 1,588,600

Senior unsecured notes(4) 10,427,562

Secured debt(4) 3,176,749

Financing lease liabilities 108,890

Total debt $ 15,301,801

Add (Subtract):

Other liabilities (assets), net(5) $ 266,419

Cash and cash equivalents and restricted cash (385,766)

Net obligations $ 15,182,454

Other AssetsLand parcels $ 129,749 Effective Interest Rate(8)

Real estate loans receivable(6) 245,690 7.7%

Non real estate loans receivable(7) 336,854 8.2%

Joint venture real estate loans receivables(9) 337,298 5.2%

Other investments(10) 15,685

Investments held for sale(11) 1,709,979

Development properties:(12)

Current balance $ 729,481

Unfunded commitments 624,413

Committed balances $ 1,353,894

Projected yield 7.7%

Projected NOI $ 104,250

Common Shares Outstanding 410,257

Notes:(1) Includes $5,559,000 attributable to our proportional share of income from unconsolidated management company investments.(2) See page 22 for reconciliation.(3) Represents incremental NOI from Seniors Housing Operating lease-up properties.(4) Represents pro rata principal amounts due and do not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on thebalance sheet. Includes $1,228,128,000 of foreign secured debt.(5) Includes liabilities/(assets) that impact cash or NOI and excludes non-real estate loans and non-cash items such as the following:

Unearned revenues $ 183,011

Below market tenant lease intangibles, net 49,645

Deferred taxes, net (22,284)

Available-for-sale equity investments (15,686)

In place lease intangibles, net (47,012)

Other non-cash liabilities / (assets), net 2,862

Total non-cash liabilities/(assets), net $ 150,536

(6) Represents $288,066,000 of real estate loans excluding development loans and net of $42,376,000 of allowance for loan losses.(7) Represents $362,850,000 of non real estate loans and net of $25,996,000 of allowance for loan losses.(8) Average cash-pay interest rates are 7.7% and 5.8% for real estate and non real estate loans, respectively. Rates exclude non-accrual/interest-free loans.(9) Represents partners' share of Welltower loans made to our partners in select joint ventures, secured by their interest in the joint venture properties.(10) Represents the fair value of Genesis HealthCare stock investment based on closing stock price.(11) Represents expected proceeds from assets held for sale.(12) See pages 13-14. Also includes expansion projects.


Net Operating Income(1)

4Q18 1Q19 2Q19 3Q19 4Q19

Revenues:

Seniors Housing Operating

Resident fees and services $ 833,134 $ 837,866 $ 878,933 $ 803,904 $ 802,452

Interest income 157 — — — 36

Other income 1,065 4,072 1,387 1,347 1,915

Total revenues 834,356 841,938 880,320 805,251 804,403

Seniors Housing Triple-net

Rental income 104,431 113,874 107,220 114,419 115,717

Interest income 5,749 5,660 7,701 5,910 6,303

Other income 637 945 1,105 1,312 1,403

Total revenues 110,817 120,479 116,026 121,641 123,423

Outpatient Medical

Rental income 130,076 139,295 154,044 174,330 177,840

Interest income 170 173 238 358 426

Other income 4,598 267 161 312 1,835

Total revenues 134,844 139,735 154,443 175,000 180,101

Health System

Rental income 43,033 43,036 43,036 43,036 43,036

Total revenues 43,033 43,036 43,036 43,036 43,036

Long-Term/Post-Acute Care

Rental income 64,216 65,456 62,640 60,479 53,422

Interest income 7,006 9,286 9,417 9,369 8,953

Other income 201 375 173 517 473

Total revenues 71,423 75,117 72,230 70,365 62,848

Corporate

Other income 591 2,031 327 712 385

Total revenues 591 2,031 327 712 385

Total

Rental income 341,756 361,661 366,940 392,264 390,015

Resident fees and services 833,134 837,866 878,933 803,904 802,452

Interest income 13,082 15,119 17,356 15,637 15,718

Other income 7,092 7,690 3,153 4,200 6,011

Total revenues $ 1,195,064 $ 1,222,336 $ 1,266,382 $ 1,216,005 $ 1,214,196

Property operating expenses:

Seniors Housing Operating $ 582,412 $ 580,917 $ 607,836 $ 554,782 $ 564,895

Seniors Housing Triple-net 21 8,935 7,219 8,282 7,473

Outpatient Medical 40,136 44,868 47,894 57,272 55,915

Health System 17 20 20 20 20

Long-Term/Post-Acute Care 287 5,905 5,475 5,503 4,595

Total property operating expenses $ 622,873 $ 640,645 $ 668,444 $ 625,859 $ 632,898

Net operating income:

Seniors Housing Operating $ 251,944 $ 261,021 $ 272,484 $ 250,469 $ 239,508

Seniors Housing Triple-net 110,796 111,544 108,807 113,359 115,950

Outpatient Medical 94,708 94,867 106,549 117,728 124,186

Health System 43,016 43,016 43,016 43,016 43,016

Long-Term/Post-Acute Care 71,136 69,212 66,755 64,862 58,253

Corporate 591 2,031 327 712 385

Net operating income $ 572,191 $ 581,691 $ 597,938 $ 590,146 $ 581,298

Note:(1) Please see discussion of Supplemental Reporting Measures on page 21. Includes amounts from investments sold or held for sale.

Financial

16

(dollars in thousands)

Leverage and EBITDA Reconciliations(1)

Twelve Months Ended Three Months Ended

12/31/2019 12/31/2019

Net income (loss) $ 1,330,410 $ 240,136

Interest expense 555,559 131,648

Income tax expense (benefit) 2,957 (4,832)

Depreciation and amortization 1,027,073 262,644

EBITDA $ 2,915,999 $ 629,596

Loss (income) from unconsolidated entities (42,434) (57,420)

Stock-based compensation(2) 25,047 4,547

Loss (gain) on extinguishment of debt, net 84,155 2,612

Loss (gain) on real estate dispositions, net (748,041) (12,064)

Impairment of assets 28,133 98

Provision for loan losses 18,690 —

Loss (gain) on derivatives and financial instruments, net (4,399) (5,069)

Other expenses(2) 51,052 16,042

Total adjustments (587,797) (51,254)

Adjusted EBITDA $ 2,328,202 $ 578,342

Interest Coverage Ratios

Interest expense $ 555,559 $ 131,648

Capitalized interest 15,272 4,868

Non-cash interest expense (8,645) (734)

Total interest $ 562,186 $ 135,782

EBITDA $ 2,915,999 $ 629,596

Interest coverage ratio 5.19 x 4.64 x

Adjusted EBITDA $ 2,328,202 $ 578,342

Adjusted Interest coverage ratio 4.14 x 4.26 x

Fixed Charge Coverage Ratios

Total interest $ 562,186 $ 135,782

Secured debt principal amortization 54,325 13,977

Total fixed charges $ 616,511 $ 149,759

EBITDA $ 2,915,999 $ 629,596

Fixed charge coverage ratio 4.73 x 4.20 x

Adjusted EBITDA $ 2,328,202 $ 578,342

Adjusted Fixed charge coverage ratio 3.78 x 3.86 x

Net Debt to EBITDA Ratios

Total debt(3) $ 15,023,962

Less: cash and cash equivalents(4) (284,917)

Net debt $ 14,739,045

EBITDA Annualized $ 2,518,384

Net debt to EBITDA ratio 5.85 x

Adjusted EBITDA Annualized $ 2,313,368

Net debt to Adjusted EBITDA ratio 6.37 xNotes:(1) Please see discussion of Supplemental Reporting Measures on page 21.(2) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.(3) Amounts include unamortized premiums/discounts, fair value adjustments and lease liabilities related to financing leases. Operating lease liabilities related to ASC 842adoption are excluded.(4) Includes IRC Section 1031 deposits, if any.

Financial

17

(in thousands except share price)

Leverage and Current Capitalization(1)

% of Total

Book Capitalization

Lines of credit and commercial paper(2) $ 1,587,597 5.00 %

Long-term debt obligations(2) 13,436,365 42.36 %

Cash and cash equivalents(3) (284,917) (0.90)%

Net debt to consolidated book capitalization $ 14,739,045 46.46 %

Total equity(4) 16,982,504 53.54 %

Consolidated book capitalization $ 31,721,549 100.00 %

Joint venture debt, net(5) 183,407

Total book capitalization $ 31,904,956

Undepreciated Book Capitalization




Net debt to consolidated undepreciated bookcapitalization $ 14,739,045 39.37 %

Accumulated depreciation and amortization 5,715,459 15.27 %

Total equity(4) 16,982,504 45.36 %

Consolidated undepreciated book capitalization $ 37,437,008 100.00 %

Joint venture debt, net(5) 183,407 18Total undepreciated book capitalization $ 37,620,415

Enterprise Value




Net debt to consolidated enterprise value $ 14,739,045 29.64 %

Common shares outstanding 410,257

Period end share price 81.78

Common equity market capitalization $ 33,550,817 67.46 %

Noncontrolling interests(4) 1,442,060 2.90 %

Consolidated enterprise value $ 49,731,922 100.00 %

Joint venture debt, net(5) 183,407

Total enterprise value $ 49,915,329

Secured Debt as % of Total Assets

Secured debt(2) $ 2,990,962 8.96 %

Total assets $ 33,380,751

Total Debt as % of Total Assets

Total debt(2) $ 15,023,962 45.01 %

Total assets $ 33,380,751

Unsecured Debt as % of Unencumbered Assets

Unsecured debt(2) $ 11,924,109 39.65 %

Unencumbered assets $ 30,075,557

Notes:(1) Please see discussion of Supplemental Reporting Measures on page 21.(2) Amounts include unamortized premiums/discounts, fair value adjustments and lease liabilities related to financing leases. Operating lease liabilities related to ASC 842adoption are excluded.(3) Inclusive of IRC Section 1031 deposits, if any.(4) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.(5) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.

Financial

18


Debt Maturities and Principal Payments(1)

Year

Lines of Creditand Commercial

Paper(2)

SeniorUnsecuredNotes(3,4,5,6)

ConsolidatedSecured Debt

Share ofUnconsolidatedSecured Debt

NoncontrollingInterests' Shareof ConsolidatedSecured Debt

Combined Debt(7) % of Total

Wtd.Avg.

InterestRate

2020 $ 643,600 $ — $ 354,329 $ 57,728 $ (84,716) $ 970,941 6.39% 2.56%

2021 — — 439,176 20,454 (133,881) 325,749 2.14% 3.81%

2022 — 10,000 421,876 31,718 (58,958) 404,636 2.66% 3.79%

2023 945,000 1,792,871 467,378 53,739 (106,181) 3,152,807 20.75% 3.24%

2024 — 1,350,000 304,533 42,044 (81,685) 1,614,892 10.63% 3.89%

2025 — 1,250,000 204,764 406,388 (36,099) 1,825,053 12.01% 3.96%

2026 — 700,000 63,712 17,500 (19,611) 761,601 5.01% 4.17%

2027 — 731,446 162,644 62,242 (45,140) 911,192 6.00% 2.96%

2028 — 1,479,795 81,222 23,223 (14,413) 1,569,827 10.33% 4.48%

2029 — 550,000 249,574 29,461 (2,518) 826,517 5.44% 3.86%

Thereafter — 2,563,450 244,134 81,899 (59,787) 2,829,696 18.64% 4.42%

Totals $ 1,588,600 $ 10,427,562 $ 2,993,342 $ 826,396 $ (642,989) $ 15,192,911 100.00%

Weighted AvgInterest Rate(8) 2.40% 4.03% 3.63% 3.76% 3.37% 3.80%

Weighted AvgMaturity Years 2.1 (2) 8.8 5.3 8.7 4.3 7.6 (2)

% Floating RateDebt 100.00% 6.74% 39.39% 9.75% 52.65% 21.15%

Financial

19

Debt by Local Currency(1)

Lines of Creditand Commercial

Paper

SeniorUnsecured

NotesConsolidatedSecured Debt

Share ofUnconsolidatedSecured Debt

NoncontrollingInterests' Shareof ConsolidatedSecured Debt

Combined Debt(7)

InvestmentHedges(9)

United States $ 1,588,600 $ 8,610,000 $ 1,690,390 $ 603,882 $ (345,651) $ 12,147,221 $ —

United Kingdom — 1,393,245 178,707 — (44,677) 1,527,275 1,778,985

Canada — 424,317 1,124,245 222,514 — (252,661) 1,518,415 559,327

Totals $ 1,588,600 $ 10,427,562 $ 2,993,342 $ 826,396 $ (642,989) $ 15,192,911 $ 2,338,312

Notes:(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.(2) The 2020 maturity reflects the $643,600,000 in principal outstanding on our unsecured commercial paper program as of December 31, 2019. The 2023 maturity reflectsthe $945,000,000 in principal outstanding on our unsecured revolving credit facility that matures on July 19, 2022 (with an option to extend for two successive terms of six monthseach at our discretion). These borrowings reduce the available borrowing capacity of our unsecured revolving credit facility to $1,411,400,000. If the commercial paper wasrefinanced using the unsecured revolving credit facility, the weighted average years to maturity of our combined debt would be 7.8 years with extensions.(3) 2023 includes a $500,000,000 term loan and a CAD $250,000,000 unsecured term loan (approximately $192,871,000 USD at December 31, 2019). The loans mature onJuly 19, 2023. The interest rates on the loans are LIBOR + 0.9% for USD and CDOR + 0.9% for CAD.(4) 2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $231,446,000 USD at December 31, 2019) that matures on January 15, 2027.(5) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $729,795,000 USD at December 31, 2019). The notes mature on November 20, 2028. (6) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $663,450,000 USD at December 31, 2019). The notes mature on December 1, 2034.(7) Excludes operating lease liabilities of $364,803,000 and finance lease liabilities of $108,890,000 related to ASC 842 adoption.(8) The interest rate on the unsecured revolving credit facility is 1-month LIBOR + 0.825%. Commercial paper, senior notes and secured debt average interest rate represents theface value note rate.(9) Represents notional value of foreign currency derivative contracts at end of period spot FX rates. The fair market value of the gains (losses) of these contracts is currently USD$(26,767,000), as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset thetranslation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of forward contracts and cross-currencyswaps.

Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.

Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts paid in cash for: 1) recurring and non-recurring capital expenditures requiredto maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to securenew tenants.

Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.

EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solelyby tenants/borrowers to calculate EBITDAR and has not independently verified the information.

EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is ameasure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shownexcludes properties that are unstabilized, closed or for which data is not available or meaningful.

EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financialinformation provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.

EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverageis a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming thatmanagement fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.

Health System: Includes independent, assisted living, dementia care and long-term post-acute care properties subject to triple-net operating leases to orguaranteed by investment-grade health systems.

Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met:1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building isphysically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a masterlease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatorysurgery center with a hospital partnership interest; or (8) a significant square footage is leased to a physician group that is either employed, directly orindirectly by a health system, or has a significant clinical and financial affiliation with the health system.

Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term acute-care facilities where the majority of individuals require 24-hournursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases.Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonaryrehabilitation.

MSA: For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areasas defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London definedas a 55-mile radius around the city’s center.

Occupancy: Outpatient medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases,as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter ofavailable data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodicfinancial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information.

Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatientsurgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus.They are specifically designed and constructed for use by health care professionals to provide services to patients. They also include medical office buildingsthat typically contain sole and group physician practices and may provide laboratory and other specialty services.

Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in theU.K. structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007.

Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living, and dementia care properties in the U.S. and Canada and all care homes inthe U.K. subject to triple-net operating leases and loans receivable.

Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.

Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Aseniors housing operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 24 months past theclosing date (for acquisitions) or the open date (for development). Excludes assets held for sale and assets disposed of during the current quarter.

Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.

Glossary

20

Supplemental Reporting Measures

21

We believe that revenues and net income, as defined by U.S. generally accepted accounting principles (U.S. GAAP), are the most appropriate earningsmeasurements. However, we consider EBITDA, Adjusted EBITDA, REVPOR, SS REVPOR, NOI, In-Place NOI (IPNOI) and SSNOI to be useful supplementalmeasures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rataownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests andadding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro ratadisclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used withcaution.

We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costsassociated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-relatedpayroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxesand insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include,but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents NOIexcluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, developmentconversions, segment transitions, dispositions and investments held for sale. SSNOI is used to evaluate the operating performance of our propertiesusing a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined asthose revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Land parcels, loans, and sub-leases as wellas any properties acquired, developed/redeveloped (including major refurbishments where 20% or more of units are simultaneously taken out ofcommission for 30 days or more), sold or classified as held for sale during that period are excluded from the same store amounts. Propertiesundergoing operator transitions and/or segment transitions (except Seniors Housing Triple-net to Seniors Housing Operating with the same operator)are also excluded from the same store amounts. Normalizers include adjustments that in management’s opinion are appropriate in consideringSSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in ourfinancial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growthper property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful informationbecause they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOIto make decisions about resource allocations and to assess the property level performance of our properties.

REVPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. It is calculated asour pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SSREVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the compositionof our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use REVPORand SS REVPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuatingoccupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our SeniorsHousing Operating portfolio.

We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheetcapitalization is related to long-term debt, net of cash and Internal Revenue Code (“IRC”) Section 1031 deposits. We expect to maintain capitalizationratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The coverage ratios are based on EBITDAwhich stands for earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Covenants inour senior unsecured notes and primary credit facility contain financial ratios based on a definition of EBITDA that is specific to those agreements.Failure to satisfy these covenants could result in an event of default that could have a material adverse impact on our cost and availability of capital,which could in turn have a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. Due to themateriality of these debt agreements and the financial covenants, we have defined Adjusted EBITDA to exclude unconsolidated entities and toinclude adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, and additional other income. We believe thatEBITDA and Adjusted EBITDA, along with net income and cash flow provided from operating activities, are important supplemental measures becausethey provide additional information to assess and evaluate the performance of our operations. We primarily utilize them to measure our interestcoverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDAand Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratiosinclude net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and market capitalization. Book capitalization representsthe sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and any IRC Section 1031deposits), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted foraccumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our commonstock. Our leverage ratios are defined as the proportion of net debt to total capitalization.

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratingagencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures tofacilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures areutilized by the Board of Directors to evaluate management. None of the supplemental reporting measures represent net income or cash flow providedfrom operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability orliquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other realestate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.


Non-GAAP ReconciliationsNOI Reconciliation 4Q18 1Q19 2Q19 3Q19 4Q19

Net income (loss) $ 124,696 $ 292,302 $ 150,040 $ 647,932 $ 240,136Loss (gain) on real estate dispositions, net (41,913) (167,409) 1,682 (570,250) (12,064)Loss (income) from unconsolidated entities (195) 9,199 9,049 (3,262) (57,420)Income tax expense (benefit) 1,504 2,222 1,599 3,968 (4,832)Other expenses 10,502 8,756 21,628 6,186 16,042Impairment of assets 76,022 — 9,939 18,096 98Provision for loan losses — 18,690 — — —Loss (gain) on extinguishment of debt, net 53 15,719 — 65,824 2,612Loss (gain) on derivatives and financial instruments, net 1,626 (2,487) 1,913 1,244 (5,069)General and administrative expenses 31,101 35,282 33,741 31,019 26,507Depreciation and amortization 242,834 243,932 248,052 272,445 262,644Interest expense 144,369 145,232 141,336 137,343 131,648Consolidated net operating income 590,599 601,438 618,979 610,545 600,302NOI attributable to unconsolidated investments(1) 21,933 21,827 21,518 21,957 22,031NOI attributable to noncontrolling interests(2) (40,341) (41,574) (42,559) (42,356) (41,035)Pro rata net operating income (NOI)(3) $ 572,191 $ 581,691 $ 597,938 $ 590,146 $ 581,298


22

In-Place NOI Reconciliation

At Welltower pro rata ownership

SeniorsHousing

Operating


OutpatientMedical

HealthSystem


Care Corporate Total

Revenues $ 804,403 $ 123,423 $ 180,101 $ 43,036 $ 62,848 $ 385 $ 1,214,196Property operating expenses (564,895) (7,473) (55,915) (20) (4,595) — (632,898)NOI(3) 239,508 115,950 124,186 43,016 58,253 385 581,298Adjust:Interest income (36) (6,303) (426) — (8,953) — (15,718)Other income (1,915) (1,403) (1,835) — (473) (385) (6,011)Sold / held for sale (9,154) (628) (11,132) (530) (229) — (21,673)Developments / land 541 — 47 — — — 588Non In-Place NOI(4) (3,729) (4,712) (4,657) (6,694) (3,653) — (23,445)Timing adjustments(5) 819 88 10,022 — — — 10,929Total adjustments (13,474) (12,958) (7,981) (7,224) (13,308) (385) (55,330)In-Place NOI 226,034 102,992 116,205 35,792 44,945 — 525,968Annualized In-Place NOI $ 904,136 $ 411,968 $ 464,820 $ 143,168 $ 179,780 $ — $ 2,103,872

Same Store Property ReconciliationSeniorsHousing

Operating


OutpatientMedical

HealthSystem


Care Total

Total properties 612 341 392 218 138 1,701Recent acquisitions/ development conversions(6) (62) (10) (132) — — (204)Under development (26) (7) (4) — (1) (38)Under redevelopment(7) (12) — (2) — — (14)Current held for sale(8) (18) (5) (9) (3) (3) (38)Land parcels, loans and sub-leases (7) (10) (9) — (7) (33)Transitions(9) (77) (16) — — (3) (96)Other(10) (1) — — — — (1)Same store properties 409 293 236 215 124 1,277Notes:(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.(3) Represents Welltower's pro rata share of NOI. See page 16 for more information.(4) Primarily represents non-cash NOI.(5) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions. (6) Acquisitions and development conversions will enter the same store pool 5 full quarters after acquisition or certificate of occupancy, respectively.(7) Redevelopment properties will enter the same store pool after 5 full quarters of operations post redevelopment completion. (8) Excludes 33 Outpatient Medical properties classified as held for sale for which Welltower will maintain a minority ownership. (9) Transitioned properties will enter the same store pool after 5 full quarters of operations with the new operator in place or under the new structure.(10) Includes 1 flooded property.


Same Store NOI Reconciliation 4Q18 1Q19 2Q19 3Q19 4Q19 Y/o/Y

Seniors Housing Operating

NOI $ 251,944 $ 261,021 $ 272,484 $ 250,469 $ 239,508

Non-cash NOI on same store properties (1,089) 845 201 (3,570) (495)

NOI attributable to non-same store properties (60,462) (62,485) (78,523) (49,573) (44,265)

Currency and ownership adjustments(1) 1,497 1,733 1,500 1,146 413

Other normalizing adjustments(2) (720) (7,515) (1,479) (55) (1,060)

SSNOI 191,170 193,599 194,183 198,417 194,101 1.5%

Seniors Housing Triple-net

NOI 110,796 111,544 108,807 113,359 115,950Non-cash NOI on same store properties (178) (3,978) (4,809) (4,300) (3,079)NOI attributable to non-same store properties (22,180) (18,380) (14,764) (20,188) (22,144)Currency and ownership adjustments(1) 154 54 358 1,165 326Other normalizing adjustments(2) (62) (118) 260 51 38SSNOI 88,530 89,122 89,852 90,087 91,091 2.9%

Outpatient Medical

NOI 94,708 94,867 106,549 117,728 124,186

Non-cash NOI on same store properties (3,177) (2,116) (1,611) (1,399) (2,006)

NOI attributable to non-same store properties (18,077) (19,844) (31,157) (42,972) (46,735)

Currency and ownership adjustments(1) 90 31 98 303 88

Normalizing adjustment for business interruption(3) — — — — 504

Other normalizing adjustments(2) (513) 115 35 — (1,360)

SSNOI 73,031 73,053 73,914 73,660 74,677 2.3%

Health System

NOI 43,016 43,016 43,016 43,016 43,016

Non-cash NOI on same store properties (7,184) (7,181) (7,181) (6,855) (6,691)

NOI attributable to non-same store properties (525) (525) (525) (530) (530)

SSNOI 35,307 35,310 35,310 35,631 35,795 1.4%

Long-Term/Post-Acute Care

NOI 71,136 69,212 66,755 64,862 58,253Non-cash NOI on same store properties (3,700) (4,467) (3,726) (3,698) (3,493)NOI attributable to non-same store properties (26,734) (22,762) (20,677) (18,554) (11,833)Currency and ownership adjustments(1) 7 17 27 6 5Other normalizing adjustments(2) 435 380 377 256 —SSNOI 41,144 42,380 42,756 42,872 42,932 4.3%

Corporate

NOI 591 2,031 327 712 385NOI attributable to non-same store properties (591) (2,031) (327) (712) (385)SSNOI — — — — —

Total

NOI 572,191 581,691 597,938 590,146 581,298Non-cash NOI on same store properties (15,328) (16,897) (17,126) (19,822) (15,764)NOI attributable to non-same store properties (128,569) (126,027) (145,973) (132,529) (125,892)Currency and ownership adjustments(1) 1,748 1,835 1,983 2,620 832Normalizing adjustments, net (2)(3) (860) (7,138) (807) 252 (1,878)SSNOI $ 429,182 $ 433,464 $ 436,015 $ 440,667 $ 438,596 2.2%Notes:(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.32 and to translate UK properties at aGBP/USD rate of 1.31.(2) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.(3) Represents adjustments for a property impacted by force majeure.


23

(dollars in thousands, except REVPOR, SS REVPOR and SSNOI/unit)

SHO REVPOR Reconciliation United States United Kingdom Canada Total

Consolidated SHO revenues $ 635,783 $ 85,203 $ 112,472 $ 833,458Unconsolidated SHO revenues attributable to Welltower(1) 22,511 — 21,607 44,118SHO revenues attributable to noncontrolling interests(2) (40,528) (7,622) (25,023) (73,173)Pro rata SHO revenues(3) 617,766 77,581 109,056 804,403SHO interest and other income (1,579) (27) (345) (1,951)SHO revenues attributable to sold and held for sale properties (27,109) — — (27,109)Currency and ownership adjustments(4) — 1,297 329 1,626SHO local revenues 589,078 78,851 109,040 776,969Average occupied units/month 31,051 3,019 12,947 47,017

REVPOR/month in USD $ 6,272 $ 8,635 $ 2,784 $ 5,464

REVPOR/month in local currency(4) £ 6,592 C$ 3,664


24

Reconciliations of SHO SS REVPOR Growth, SSNOI Growth and SSNOI/UnitUnited States United Kingdom Canada Total

4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19

SHO SS REVPOR Growth

Consolidated SHO revenues $ 666,566 $ 635,783 $ 80,470 $ 85,203 $ 114,579 $ 112,472 $ 861,615 $ 833,458

Unconsolidated SHO revenues attributable to WELL(1) 23,519 22,511 — — 20,422 21,607 43,941 44,118

SHO revenues attributable to noncontrolling interests(2) (39,058) (40,528) (6,568) (7,622) (25,574) (25,023) (71,200) (73,173)

SHO pro rata revenues(3) 651,027 617,766 73,902 77,581 109,427 109,056 834,356 804,403

Non-cash revenues on same store properties (620) (659) (19) — — — (639) (659)

Revenues attributable to non-same store properties (222,486) (168,873) (13,278) (13,313) (4,431) (2,759) (240,195) (184,945)

Currency and ownership adjustments(4) 5,272 — 1,114 1,075 450 322 6,836 1,397

Other normalizing adjustments(5) 386 (1,800) (394) 4 — — (8) (1,796)

SHO SS revenues(6) 433,579 446,434 61,325 65,347 105,446 106,619 600,350 618,400

Avg. occupied units/month(7) 20,227 20,133 2,489 2,553 12,883 12,756 35,599 35,442

SHO SS REVPOR(8) $ 7,087 $ 7,331 $ 8,146 $ 8,462 $ 2,706 $ 2,763 $ 5,576 $ 5,769

SS REVPOR YOY growth —% 3.4% —% 3.9% —% 2.1% — 3.5%

SHO SSNOI Growth

Consolidated SHO NOI $ 191,493 $ 179,947 $ 20,032 $ 21,286 $ 42,920 $ 41,220 $ 254,445 $ 242,453

Unconsolidated SHO NOI attributable to WELL(1) 8,412 7,529 — — 8,054 8,962 16,466 16,491

SHO NOI attributable to noncontrolling interests(2) (8,360) (9,103) (958) (1,080) (9,649) (9,253) (18,967) (19,436)

SHO pro rata NOI(3) 191,545 178,373 19,074 20,206 41,325 40,929 251,944 239,508

Non-cash NOI on same store properties (1,069) (513) (20) 17 — 1 (1,089) (495)

NOI attributable to non-same store properties (56,653) (40,946) (2,844) (2,980) (965) (339) (60,462) (44,265)

Currency and ownership adjustments(4) 1,019 (5) 302 291 176 127 1,497 413

Other normalizing adjustments(5) (303) (1,064) (394) 4 (23) — (720) (1,060)

SHO pro rata SSNOI(6) $ 134,539 $ 135,845 $ 16,118 $ 17,538 $ 40,513 $ 40,718 $ 191,170 $ 194,101

SHO SSNOI growth 1.0% 8.8% 0.5% 1.5%

SHO SSNOI/Unit

Trailing four quarters' SSNOI(6) $ 552,505 $ 67,590 $ 160,205 $ 780,300

Average units in service(9) 23,355 3,091 14,217 40,663

SSNOI/unit in USD $ 23,657 $ 21,867 $ 11,269 $ 19,189

SSNOI/unit in local currency(4) £ 16,694 C$ 14,830

Notes:(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See pages 16 & 23 for more information.(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.32 and to translate UK propertiesat a GBP/USD rate of 1.31.(5) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.(6) Represents SS SHO revenues/SSNOI at Welltower pro rata ownership. See page 23 for more information.(7) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.(8) Represents pro rata SS average revenues generated per occupied room per month.(9) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.

Forward-Looking Statements and Risk Factors

This document contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When we usewords such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do notrelate solely to historical matters, we are making forward-looking statements. In particular, these forward-looking statements include, butare not limited to, those relating to our opportunities to acquire, develop or sell properties; our ability to close anticipated acquisitions,investments or dispositions on currently anticipated terms, or within currently anticipated timeframes; the expected performance of ouroperators/tenants and properties; our expected occupancy rates; our ability to declare and to make distributions to shareholders; ourinvestment and financing opportunities and plans; our continued qualification as a real estate investment trust (“REIT”); our ability to accesscapital markets or other sources of funds; and our ability to meet our earnings guidance. Forward-looking statements are not guaranteesof future performance and involve risks and uncertainties that may cause our actual results to differ materially from our expectationsdiscussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the status of the economy;the status of capital markets, including availability and cost of capital; uncertainty from the expected discontinuance of LIBOR and thetransition to any other interest rate benchmark; issues facing the health care industry, including compliance with, and changes to, regulationsand payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost-effectivelyobtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniorshousing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limitedto, their ability to pay rent and repay loans; our ability to transition or sell properties with profitable results; the failure to make newinvestments or acquisitions as and when anticipated; natural disasters and other acts of God affecting our properties; our ability to re-leasespace at similar rates as vacancies occur; our ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant orjoint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicareand Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipateddifficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting our properties; changes in rulesor practices governing our financial reporting; the movement of U.S. and foreign currency exchange rates; our ability to maintain ourqualification as a REIT; key management personnel recruitment and retention; and other risks described in our reports filed from time totime with the Securities and Exchange Commission (“SEC”). Finally, we undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results coulddiffer from those projected in any forward-looking statements.

Additional Information

The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, QuarterlyReports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated February 12, 2020 and other information filed with,or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of theinformation presented herein.

You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to thosereports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicableafter they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s websiteat http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, includingcorporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-publicinformation and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website underthe heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, publicconference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of,or incorporated into this supplemental information package.

About Welltower

Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure.The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate andinfrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™,a REIT, owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom,consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available atwww.welltower.com.

Forward-Looking Statement and Risk Factors

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Documents

4Q19 Supplement 99 - Welltower · 2020-02-12 · (dollars in thousands at Welltower pro rata ownership) Seniors Housing Operating Total Portfolio Performance(1) 4Q18 1Q19 2Q19 3Q19